Because Mexico is undoubtedly cheaper to live in than the United States, many Americans head south in search of warm sun, clean water, and lower costs of living. Property taxes, building costs, realtor fees and even gasoline are cheaper south of the border, and for Americans on fixed incomes or television spots, Mexico might be enough of a lure to draw you south.
Quaint backpacker communities such as Puerto Vallarta and Cancun are particularly attractive to Americans because they offer many of the comforts of home: convenience stores, markets, title insurance law. When buying a home in Mexico, a certain title insurance is available; if not, you should certainly look elsewhere.
In addition, Americans are easily deceived by the high pressure sales practices used by Mexican realtors. You can’t walk into an airport or even a hotel without being bombarded with flyers, brochures and sales pitches. If you buy a house in Mexico, don’t hear promises of high interest and high resale value. But make smart decisions when considering property inspection.
If you fall victim to one of these spikes, Mexican law gives you exactly five days to respond. When you exercise your rights in this way, any deposit you have paid will be returned and any contract you sign will be void. Just remember that after those five days you expire, you’re out of luck.
You should also know that just because some farms are smaller in Mexico, it doesn’t mean that all others follow suit. For example, acquisition fees are much higher in Mexico than in the US > They include a 30-45% tax for any real estate investment that I buy.
The best way to buy a house in Mexico is to use an American real estate agent. Not only does it eliminate language barriers, but it also ensures that you will have all the information you need. Most states in America use agents who move international services; this way you don’t need to find representation in Mexico. In addition, make sure that you use a real estate agent, you are confident that you will not get carried away. do evil
Once you decide on the property you want to buy in Mexico, get all the paperwork up front, then H-Ex it to your lawyer. Mexican agents can be Mexican like American ones, so avoid confusing contract language and complex legal languages until your lawyer can be of that kind. If you don’t look professional, you will have no idea what you are signing.
If you are going to use a Mexican attorney and real estate agent, your best bet is to work through the Mexican Association. of Real Estate Professionals, which is the closest in Mexico to organizing professional Realtors, and Notary Public. This gives you a better chance to protect any real estate property.
